Jacob is single with no dependents.During 2017,Jacob has $110,000 of taxable income.He has $38,000 of positive AMT adjustments and $22,000 of tax preferences.Jacob does not itemize his deductions but takes the standard deduction.Calculate Jacob's AMTI.
A) $120,350.
B) $174,100.
C) $176,350.
D) $180,400.
Correct Answer:
Verified
Q43: Catherine purchased furniture and fixtures (7-year property)for
Q44: Heather purchased furniture and fixtures (7-year property)for
Q45: For AMT purposes,a taxpayer must use which
Q46: AMT depreciation of personal property is calculated
Q47: For AMT purposes,the standard deduction and personal
Q49: After computing all tax preferences and AMT
Q50: Denise's AGI is $145,000 before considering her
Q51: Jonathan is married,files a joint return,and has
Q52: Spencer has an ownership interest in
Q53: Tax preference items for AMT:
A)Can be positive
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents